A major earthquake struck Mexico on Tuesday, unleashing panic as it damaged hundreds of buildings and caused homes in the capital to bounce like “trampolines.” Office workers fled into the street when the 7.4-magnitude quake shook Mexico City for more …
HSBC has agreed to sell its general insurance businesses to French insurer AXA Group and Australia’s QBE Insurance Group for $914 million in cash, as Europe’s biggest bank moves ahead with its plan to divest non-core assets. The deal, the …
A.M. Best Co. has affirmed the financial strength rating of ‘A ‘(Excellent) and issuer credit rating of “a” of Mexico’s Seguros Inbursa, S.A. Grupo Financiero Inbursa, both with stable outlooks Best said the ratings reflect Seguros Inbursa’s “solid risk-adjusted capitalization, …
A special report from A.M. Best Co. concludes that “competitive pressures will continue for Mexico’s insurers as they look to build on the industry’s low penetration level and tap a growing middle class segment. Small amounts of growth anticipated across …
The insurance segment of the XL Group plc has appointed Alvaro Salamanca as CEO of its operation in Mexico, effective immediately. He will report to Bruno Laval, XL’s insurance segment’s Regional Manager for Iberia & Latin America. XL described Salamanca …
The latest report from the national Hurricane Center in Miami at 10:00 A.M. CD warns that the Mexican government “has issued a hurricane warning for the northeast coast of the Yucatan Peninsula from Cancun to San Felipe.” It has also …
According to the most recent bulletin from the National Hurricane Center in Miami, issued at 11:00 EDT, Hurricane Rina was located about 300 miles, 480 km, east southeast of Chetumal Mexico, and about 305 miles, 490 km, southeast of Tulum …
The first Mexican long-haul truck bound for the U.S. interior crossed at the international bridge at Laredo, Texas, Friday, carrying electronic equipment destined for suburban Dallas and fulfilling a controversial provision of the 1994 North American Free Trade Agreement. Business …
Catastrophe modeling firm AIR Worldwide, estimates that insured losses caused by Hurricane Jova from flood-induced damage, as well as from some isolated wind damage along Mexico’s southern coastal areas, will be “less than MXN 700 million ($52 million),” assuming an …
According to catastrophe modeling firm AIR Worldwide’s Dr. Tim Doggett, even though hurricane Jova has weakened to a tropical depression, it’s still capable of causing further damage. “Jova’s slow speed raises the potential for heavy rainfall accumulations—especially in the higher …
